Clearwater PACE, a subsidiary of AXCS Capital Inc., has secured an initial close for a financing vehicle of up to $300 million. The capital comes from funds managed by Ares Alternative Credit. The move aims to expand Clearwater’s Commercial Property Assessed Clean Energy (C-PACE) platform across the United States.
The newly formed vehicle will allow Clearwater to deploy capital into large-scale real estate projects. These include hospitality, multifamily, mixed-use, and adaptive reuse developments.
Most importantly, the platform will focus on transactions valued at $5 million or more. On average, each deal is expected to range between $40 million and $50 million.
This structure is designed to support long-term financing. It also aligns with the relatively stable and secured nature of C-PACE loans.
C-PACE financing allows property owners to fund energy-related improvements. These costs are repaid through a tax assessment linked to the property.
As a result, the financing becomes a long-term and senior-secured instrument. Because of this structure, it often complements traditional funding sources such as senior debt, mezzanine financing, and preferred equity.
In addition, C-PACE can reduce the overall cost burden on senior lenders. This enables more efficient capital structuring for real estate developers.
Commercial real estate markets continue to adjust to changing capital conditions. Therefore, developers are increasingly exploring alternative financing options.
C-PACE is now being used across new construction projects, renovation efforts, and post-construction recapitalisations.
According to industry estimates, the C-PACE market crossed $3 billion in originations in 2025. This reflects steady growth and broader adoption across asset classes.
Jonathan Seabolt, CEO of Clearwater, stated that the funding supports the company’s ability to scale large transactions. He also noted that institutional demand for C-PACE loans continues to increase.
Similarly, Evan Kinne, CEO of AXCS Capital, highlighted that the vehicle strengthens the firm’s ability to offer structured financing solutions. He added that C-PACE is becoming an important part of the firm’s broader investment strategy.
Clearwater’s executive team includes Jonathan Seabolt, Michael Llodra, William “Bill” Burns, and Lisa Nordel.
Together, the team brings experience from transactions exceeding $30 billion across structured credit and commercial real estate.
Because of this, the company is positioned to handle complex deals while maintaining execution speed. This combination supports its expansion in the evolving C-PACE market.
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